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Financial Resolutions for Small Business Owners

Financial Resolutions for Small Business Owners

January 03, 2024

The new year is fast approaching, and it is a good time for small business owners to make some financial resolutions to help lead them toward a solid financial path. Whether your business is just starting or you have been running it for decades, the new year is the time to review your financial situation and set some resolutions to help you with your future financial goals. Not sure where to get started? Here are a few business resolutions, no matter what type of business you own.

Don't Let Talks of Recession Derail Your Business Plans

There are ups and downs with everything in life, including business. While recent talks of a potential upcoming recession have many business owners worried about their financial future, it is important to remember that if your business plan is solid, it should be able to weather the ebb and flow that comes with economic fluctuations. As a business owner or entrepreneur, you are a natural risk-taker. If you feel confident that growing your business is the proper path, you shouldn't let the fear of recession hold you back.1

Maintain a Solid Relationship With Your Current Customers

New customers help you build and grow your company, but current customers serve as your existing support system. It is sometimes easy to forget them in the quest to obtain new customers. Always remember that it is usually cheaper to retain your current customers than to acquire new ones. So, while investing some money into developing new customers is essential, investing in your existing customers is also wise since the return on investment might be higher.2

Take Care of Your Employees

A solid team of experienced employees is crucial to maintaining your current customers and acquiring new ones. Unfortunately, recent years have shown us that it is getting harder to find employees. With so many companies looking to fill positions, it is crucial to be competitive and focus on keeping your current employees happy and productive. One way to do this is by creating a positive work environment, which may include flexible work schedules, help with continuing education, and other employee incentives.1

Keep Your Marketing Plan Moving Forward

If you are seeing a downturn in business, you may be tempted to cut your marketing costs to save money, but this path could end up hurting your business more in the long run. Resolve to keep your marketing plan in full force. When companies keep their marketing effort going, they often come out of a recession stronger than companies that don't. Marketing is about focusing on the long-term return on investment. When you weaken your marketing plan, the return may take longer.2

Make Networking a Priority

Networking is great for acquiring new customers, vendors, and employees. One connection may result in several more, meaning more exposure and growth. For your resolution, consider setting a monthly goal of how many new connections you want to make. Resolve to attend networking events in your area regularly.2


Important Disclosures:
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.
This article was prepared by WriterAccess.
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Footnotes
1 Ten New Year’s Resolutions For Small Business Owners https://www.forbes.com/sites/rohitarora/2022/12/31/ten-new-years-resolutions-for-small-business-owners-in-2023/?sh=4b37095726e5
2 8 New Year's resolutions for small businesses: Pick a daily priority, prepare for emergencies https://www.usatoday.com/story/money/usaandmain/2021/12/29/small-business-8-new-years-resolutions/9033124002/